Effective January 1, 1999, the Vesting Requirement is five Years of Vesting Service subject to the following rules. As of January 1, 1999, if:

You had earned less than five years of Vesting Service that were not already lost due to a Permanent Break in Service, you will be Vested upon completion of a total of five years of Vesting Service.

You had earned at least five but less than ten years of Vesting Service that were not already lost due to a Permanent Break in Service AND you earned at least ¼ year of Pension Credit in 1998, you were Vested upon completion of one hour of work in Covered Employment in 1999.

You had earned five but less than ten years of Vesting Service that were not already lost due to a Permanent Break in Service AND you earned at least ¼ year of Pension Credit in 1998 BUT you did NOT earn at least one hour of work in Covered Employment in 1999, you must earn ¼ Year of Pension Credit before incurring a Permanent Break in Service in order to be Vested.

You had earned five but less than ten years of Vesting Service that were not lost due to a Permanent Break in Service BUT you did NOT earn ¼ Year of Pension Credit in 1998, you must earn ¼ Year of Pension Credit before incurring a Permanent Break in Service in order to be Vested.

If I Leave Covered Employment After Meeting the Requirements for Vesting, Will I Lose My Right to a Pension?No. Once you are Vested you will have a right to a pension even if you never work again as a carpenter within the jurisdiction of the Regional Council.

Copyright 2008 The Chicago Regional Council of Carpenters Welfare and Pension Funds.
All Rights Reserved |Terms Of Use
| Privacy Policy